Eurozone Crisis; What Crisis?

The so called economic and financial demise of several European countries continues on a downhill trend like a motorcars with faulty brakes.  It started with the Republic of Ireland, then Spain and Portugal were threatened.  However, Greece and Italy seems to have slipped even further.  Quantitative easing and bale-outs are being pledged by the governments but the economy is slip sliding regardless.

However, in the UK it is difficult to accept that their is an economic downturn especially if you live in London or the South-East.  Some Londoners are still buying second home as the two home lifestyle continues to grow.  Luxury goods traders, such as Burberry, are also seeing increasing profits as the sales in luxury goods is increasing.  I am sure the same applies in other European countries and the USA and the rest of the world that has been affected by the economic crisis.  This suggests that the wealth is there but it is not being distributed in a fair and equitable manner.  Some have most of the world resources and riches and most have very little.  Even the bankers who contributed to the economic disaster are still enjoying a lucrative lifestyle and huge bonuses.

The austerity measures that are being legislated by the governments are in the main hitting the less well off and reducing their meagre income.  The greedy rich however, continue to amass wealth by raising commodity prices and playing monopoly with the world's economy.  Will the governments even dare take a penny off them?  Wait and see!  The governments have not legislated to regulate the banks or reform the banking system as proposed at the height of the banking crisis and that was over 3 years ago.  Many wealthy people continue to avoid paying taxes and they are legally allowed and encouraged to do so.  At the time of writing our British Chancellor of the Exchequer is reported to be contemplating cutting the top rate of tax.  Therefore those who even feel guilty enough to pay their taxes will be helped to pay even less.

It is difficult to judge whether we are having an economic crisis or not.  The wealth is still there; few have most of it, some have have just enough, the majority have very little or nothing.  So what is this crisis about?  What are the austerity measures about?  Upon the requirement of the International Monetary Fund (the wealthy), the governments (the instruments of the wealthy) are directed to pawn off or hand over public services (public sector industries) to the wealthy.  To what effect?  To reduce public funding of these services or increase private profiteering?  I'll let the readers be the judge of that.

Good luck and good bye until the next time.

Knight Owl